The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-10-15

A Large Increase I'm Circulating Medium
Fails to Improve Prices.

Large Increase In Circulating Medium
Fails to Improve Prices.
NEW YORK, Oct lar. G. Dun & Co., in
their weekly review of trade, say: In spite of
many favorable conditions noted last week
prices do not advance. The Treasury added about
$33, 900. 900 to the circulation in September, and
has added about So. 000 900 since and the B. & O.
bargain has been ratified. and the Reading reor-
ganization insured; yet prices of stocks fell
on Wednesday to an average of $58 II per share,
the lowest since April and May, 1886, and. ex-
cepting few weeks then, the lowest for two
years. Wheat has lost every advance since
Sept. &c; corn for fortnight past. and oats for
month past. have occasionally risen
of cent during the month. and
pork 81 per barrel. Oil is higher, but the
transactions are Insignificant. Coal is stronger
because of strike, but iron and steel are
lower. The elaborate statements of exchanges
for the past year and quarter only conceal the
fact that of late exchanges have been falling be-
hind those of last year. first at New York, and
then at other chief cities and New England
manufacturing towns. In short. the theory
that t'more money" insurss prosperity comes to
grief again. More than $l07, 900. 900 have been
added to the circulation within tho past four
teen months, but the speculation thus stlmu-
lated has wrought much harm already and
clouded the future with doubt While great
activity and expansion witnessed in some
branches of business. others exhibit symptoms
OF reaction. Steel rails again lower; sales
were maze last week Tor SS4, spring delivery.
and some makers are urging general
stoppage of works. Pig-iron, No. l foundry,
continues scarce because of the Lehigh coal
strike, but lower quotations come for grew
forge, and also for bar-iron. Encouraging state
ments of exports III September show that of
breadstuffs. cotton provisions, oil and cattle the
value was per cent greater than in 1856; a
large decrease appears in wheat, but . note
worthy increase in flour: of cattle and pork, ex-
ports decreased one-half, and there is some loss
in butter. cheese and OIL but gain of Sc. 640, 600
- of 80
New York show a gain of % per cent, against
increase of 10 per cent in imports. Exchange
has advanced this week, because OF large sales
of stocks on foreign account, and the controlling
question in the money market now is whether the
passing of dividend by the Baltimore & Ohio,
and other events. will SO discourage foreign
holders of securities to cause extensive sell
ing: ST.. 100, 900 more gold arrived Thursday.
Interior reports are uniformly more favorable:
though tight money and slow collections
still reported from some points, the pressure is
in most cases less severe and collections rather
better. In Texas. where tho cotton yield is said
to be 10 per cent. below last years, failures
more numerous and many traders are asking in
diligence. But east of the Mississippi money is
generally easier at the South, and the partial
failure of crops is, as yet, hardly recognized as
a cause of disturbance in the Northwest. If the
actual losses of farmers are as large the Oc-
tober bureau report would indicate, however,
some shrinkage in the volume of business must
result The dry goods trade, though rather
less active, has been fairly satisfactory
in volume. with prices well maintained,
though print cloths a shade lower.
The shrinkage in wool manufactures appears in
reported sales of wool at Boston, which were
q ,000, 900 hounds for three months ending Oct
i, against IS. 00O. 600 pounds for the same month
last year, but supplies on hand at the beginning
of the period may explain part of the decrease
The boot and shoe business is active and healthy.
and the leather market at last improves. In
some localities at the West, where real estate
speculation began early last fall, mortgages be-
gin to ripen. and prices are no longer main
tanned, while bankers decline loans on real es-
tate security But the building of railroads and
new towns and manufacturing centres still con-
Times.
The business failures in the last seven DAYS
number. for the United States, 162, and for